You have read the stories in newspapers, heard them on television and seen discussions about them online on social media; a group of coworkers in an office pool in their money on a weekly basis for buying lottery tickets. A lot of people scoff at this idea and make fun of them, but then on one lucky day, these people end up winning a massive jackpot. Sure, they have to split it between all the participants, but even then every individual is left with enough money that can be considered as a healthy retirement fund. This is exactly what the purpose of a lottery syndicate is; to help everyone who is participating in winning a prize without making them spend excessively.
Syndicates have been around for a long time; they existed when there were only conventional lotteries and they are still popular in online lotteries. However, there are players who do question if playing in a syndicate is worth it. You will come across news and headlines that prediction of Oz Lotto numbers can be found in this website or the winning US Powerball numbers can be seen on that website. Some of these may be scams, but statistics show that syndicates have won some of the biggest lottery jackpots in history.
Nevertheless, the fact is that like everything else, syndicates also come with their advantages and disadvantages and you need to be aware of both sides of the story before you decide whether to participate or buy your tickets individually. Read on to find out:
Benefits of Syndicates
The first benefit of playing as part of a syndicate is rather obvious; when you pool your resources with some other players, you are automatically boosting your odds of winning a jackpot or any other top-tier or difficult to win prizes like Second Division or Third Division. For instance, when you participate in the Oz Lotto and want to win the First Division Jackpot, the odds of that happening are about 1 in 45.38 million with a single ticket. However, you can cut down these odds by a significant amount when you are part of a group that buys 100 tickets a week. While this is no guarantee that you will win the jackpot, but the odds definitely end up looking better.
Another perk that you can enjoy when you decide to play as part of the syndicate is that it is very rare for players to lose whatever they have contributed to the whole pot. As you are purchasing a large number of tickets on a weekly basis, there is a very good chance that you will end up with a few wins and prizes in the lower divisions and get the money that you have invested back, even if you don’t make a profit. In this way, playing the lottery can be a lot less costly and you can also get a return on your investment in even the worst weeks.
Downsides of Syndicates
What is the biggest disadvantage of participating in a syndicate? When you are playing as part of a group, you will never be able to win the entire jackpot for yourself and will have to share it with others. If your syndicate is lucky enough to choose the winning combination of numbers, the whole jackpot will have to be divided with everyone else. This means that you will get a good prize, but it will be nowhere near the jackpot that you would have taken home had you gotten the winning ticket on your own. Another downside is that the small wins can end up being quite inconsequential in the case of a syndicate. For instance, if the group has 20 members and you win $500, each member will get to take $25 home and that’s not really a lot. In such situations, people will end up asking; how much does it cost to play Oz Lotto? This cost can make a difference in the long run.
How? This is in the case when you win six or seventh tier prizes and they are only of a small amount. It has to be shared amongst all members and may not be enough to cover the cost of buying tickets even in a syndicate thereby causing a loss for you.
The good news in case of online lotteries is that if you are looking to get in on the syndicate action, you no longer have to look for a big group of coworkers or friends anymore. With online lotteries, you can find pre-formed syndicates for some of the popular and biggest lotteries played in the world. There are some websites that are solely dedicated to these syndicates and you can sign up to join the syndicate of your choice. Some of the Australian lotteries for which you can find these syndicates include:
- Powerball
- Monday Lotto
- Wednesday Lotto
- Saturday Lotto
- Oz Lotto
You need to select the game you want to play and then go for the option of Syndicate instead of choosing the Standard route. It should also be noted that you can also find a variety in the case of syndicates and the cost associated with entering them is also quite different. A certain number of shares are offered in each syndicate, which are usually anywhere between six and fifteen and you can buy them before they are pooled together. The best part about these online syndicates is that once one syndicate is closed, another one opens up in its place so you don’t have to be worried about being left out at all.
Some of the various syndicates that you can find online such as Combo where all possible combinations involving 10 specific numbers are covered. There are some other options as well and you can decide what works better for you. After you have bought in, all you have to do is wait because it works like every other syndicate. If the group scores a win, you will get the winnings you are after.
